Speech

Inauguration of STIMRA or the Institute of Risk Management and Insurance

William Frej, Mission Director, United States Agency for International Development Indonesia

Jakarta | Thursday, March 23, 2006

I would like to thank our hosts for inviting me to speak at this inauguration.  It is a pleasure for USAID and for me personally to be associated with this endeavor.  Distinguished Ladies and Gentlemen…….   

I am proud to be present at this inauguration event.  Today’s formal launch of STIMRA – the Sekolah Tinggi Manajemen Risiko dan Asuransi – or “the Institute of Risk Management and Insurance” -- marks an exciting stage in the U.S. – Indonesia partnership that will improve the technical education base in the risk management and insurance sectors, promoting greater financial sector safety and soundness as well as greater employment and income opportunities for STIMRA graduates.  These in turn will contribute to Indonesia’s economic growth and prosperity – a goal that I know we all share.

STIMRA also offers a model for public-private partnerships in Indonesia, with its partnership between USAID, the Ministry of Finance, Ministry of Education, the STARR Foundation, the Indonesian Insurance Board, the Indonesian Insurance Agency and the South East Consortium for International Development (SECID).  STIMRA demonstrates the success that can be generated through the collaboration of the public and private sectors of our two countries.  The growth through STIMRA of a cadre of well-trained, technically-sound Indonesian professionals will help Indonesia expand its growing risk management and insurance sectors and achieve parity with a number of its South East Asian neighbors.

USAID appreciates that the Indonesian market and demand for risk management and insurance professionals is large, and that a vibrant industry is one whose professionals are able to respond to the changing market.  Furthermore, a more developed insurance market will help mobilize financial resources for reinvestment in key areas of interest to Indonesia such as infrastructure and a deeper bond market.  These are among the many reasons why we are pleased to be present at this event.

The US Government, through USAID, has been involved since the early stage of STIMRA’s development by providing financial assistance and liaison with the key stakeholders involved in STIMRA’s vision.  As I remarked earlier, today’s inauguration of STIMRA is one more demonstration of the strong relationship between the United States and Indonesia.  But it is also a strong demonstration of governments, industries and civil society coming together in a common interest.  We applaud this commitment and support all of the parties’ continued efforts to promote continuing technical education and sound financial skills.  We are proud to be a partner in this effort and look forward to STIMRA’s continued success and growth.    

Thank you.